- Bitcoin cash started a decent increase above the $115 and $120 levels against the US Dollar.
- The price is now trading above the $120 zone and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $126.80 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $132 and $138 to continue higher in the near term.
Bitcoin cash price is climbing above $120 against the US Dollar, similar to bitcoin, BCH/USD could start a fresh surge if it clears the $132 level.
Bitcoin Cash Price Analysis
Bitcoin cash price has formed a decent support base above the $105 level. BCH started a decent increase and was able to clear the $115 resistance zone.
The price climbed above the $120 and $125 resistance levels. It even spiked above $132 and traded as high as $136.67. Recently, there was a downside correction below $130. The price declined below the 23.6% Fib retracement level of the upward move from the $105.05 swing low to $136.67 high.
The pair is now trading above the $120 zone and the 55 simple moving average (4-hours), An immediate support on the downside is near the $127 level.
There is also a key bullish trend line forming with support near $126.80 on the 4-hours chart of the BCH/USD pair. The first major support sits near the $120 level. It is near the 50% Fib retracement level of the upward move from the $105.05 swing low to $136.67 high.
The next major support is near $118, below which the bears might aim for $112. The next target for them may perhaps be near the $105 level.
On the upside, the price is facing resistance near the $132 level. The next major resistance is near the $138 level, above which the price may perhaps rise towards the $145 level. Any more gains above $145 could set the pace for a move towards the $150 level.
looking at the charts, bitcoin cash price is now trading above the $120 zone and the 55 simple moving average (4-hours). Overall, the price must clear $132 and $138 to continue higher in the near term.
4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $126 and $120.
Key Resistance Levels – $132 and $138.
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